Veteran’s have access to an outstanding home loan option designated just for them – a VA mortgage. One requirement is that a primary residence is the only type of home that is able to be financed by a VA Home Loan. However, while moving in to a newly purchased primary residence within 60 days is the standard rule, VA allows for some flexibility.
VA Allows Occupancy After 60 Days From Closing
Commonly, a qualified veteran is unable to move into the home immediately. There are a number of reasons for this. For example, veteran’s are often deployed on active duty. As a result of these scenarios, VA home loan rules are more lenient regarding immediate occupancy.
In fact, FHA loans, Conventional Loans and USDA loans require that all owner occupant borrowers occupy the home within 60 days from closing. Arizona VA loans allow for 3 different options related to a veteran’s occupancy. Under these 3 options, the home is still a primary residence.
Veterans Do Not Need to Move in Immediately
VA home loans offer 3 different options when it comes to occupying a home. They are:
- A veteran occupies within 60 days from closing on their VA home loan
- The veteran occupies their new home within 12 months from closing on their VA home loan
- Veteran must provide documentation explaining the cause of 12 month delay
- A veteran’s spouse occupies the new home within 60 days from closing on their new VA loan as long as spouse is also on the loan
Between these 3 options, veterans typically find ont that works and allows them to continue serving our nation. It is important that veterans be aware of these options. In conclusion, a VA home loan regulations allow great flexibility relative to the “occupy your new home in 60 days” rule.